Yes, New York and Chicago are major commercial centres in a country of 300 million, but by that same token they have a dozen other major cities in their same country competing with them as commercial centres. Comparability speaking, Toronto faces less competition within Canada for head offices and wealth, and has a greater proportion of its country's population than either Chicago or New York by a long shot.
Of course population's not the only factor though. There's clearly something different happening in Toronto than in places like Boston, Seattle, Philadephia, etc. They haven't seen similar booms in high rise construction in the last ten or twenty years, be it residential or commercial, despite at one point having far looser credit than in Canada and having comparable municipal GDPs. What's the explanation for this? I think that a cultural embrace of urban and highrise living is one reason. There's no doubt that people are flooding into downtown:
http://metronews.ca/voices/ford-for-toronto/338316/boomtown-toronto-trinity-spadina-growth/
From the above article:
Quote:
If Trinity-Spadina, the Toronto riding represented by NDP MP Olivia Chow, stood as its own municipality, it would be the third fastest-growing municipality in Ontario—growing faster even than the sprawl factories in Brampton and Vaughan.
According to recent census figures by Statistics Canada, nearly 30,000 new residents moved into the 18.6 km² area of downtown Toronto between 2006 and 2011, making for a staggering 25.5% increase in population in just five years.To put that into perspective: that means about 3% of the land area in Toronto accounted for more than 26% of the city’s recent population growth.
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Regardless, I'm not saying that I expect Toronto to build as much as Chicago or New York in absolute terms (well, maybe Chicago), or that the pace of this boom will continue, but I do expect that we've left the days behind where we go well over a decade without seeing any real construction.